Exhibit 99.1

 

 

TPG Specialty Lending, Inc. Provides a Business Update and Preliminary Q1 2020 Financial Results

NEW YORK—(BUSINESS WIRE)—April 16, 2020— TPG Specialty Lending, Inc. (NYSE: TSLX, or the “Company”) today sent the following letter to its stakeholders to provide a business update and preliminary Q1 2020 financial results.

 

April 16, 2020

 

Dear Stakeholder,

As uncertainty persists given the COVID-19 pandemic, we remain committed to continuing our ongoing dialogue with all stakeholders of TSLX. In that spirit, please find the following updates: (1) quarter ended March 31, 2020 preliminary financial results; (2) portfolio update; (3) details regarding our portfolio valuation process (that has been unchanged since the formation of TSLX in 2010); (4) preliminary net asset value bridge; (5) our liquidity, funding and capital profile; (6) our Business Continuity efforts, and (7) concluding thoughts including our views on the go-forward investment opportunity set. We believe this update reaffirms the strength of our capital, our strong liquidity profile, and our rigorous approach to risk management. We believe these attributes, in combination with the human capital and culture across the Sixth Street platform, will provide the basis to create value for our stakeholders when the appropriate risk-adjusted opportunity set presents itself.  

Summary Preliminary Financial Results for Quarter Ended March 31, 2020

This information is preliminary, based upon information available as of today and is subject to change and finalization as a result of the completion of our financial closing procedures, final adjustments and other developments:

 

Net asset value per share at March 31, 2020 was approximately $15.57 per share compared to $16.77 at December 31, 2019 (which includes the impact of the $0.06 per share Q4 2019 supplemental dividend that was paid in Q1), representing a decline of 7.1% over the period

 

Estimated net investment income per share was approximately $0.51

 

Estimated net loss per share was approximately $0.80, primarily driven by unrealized losses related to the impact of spread widening on the valuation of our portfolio

 

Debt-to-equity at quarter-end was approximately 0.95x, and well below the regulatory threshold of 2.0x

 

Our debt funding mix at quarter end was comprised of approximately 68% unsecured / 32% secured debt, and we had $1.0 billion of undrawn capacity under our revolving credit facility

 

All of our portfolio companies made their scheduled interest payments for the quarter ended March 31, 2020. We had one portfolio company on non-accrual status, Mississippi Resources (“MSR”), representing approximately 0.1% of our portfolio at fair value at quarter end (for the avoidance of doubt, MSR made its regularly scheduled cash interest payment during the quarter, which we have elected to apply to our loan principal instead of recognizing it as income).

 


The following information was filed by Tpg Specialty Lending, Inc. (TSLX) on Thursday, April 16, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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